A gambling business is a business that is run at a profit by taking in money from players who wager on games of chance. Gambling, in general, is any activity that involves the chance of winning something of value.
The amount of profit that a business makes depends on the business’s ability to attract people to play its games as well as the economic value of its games.
Regulatory measures that apply to gambling businesses include licensing, restrictions on the number of locations, and restrictions on the types of games that may be offered there.
Licensing for Gambling Businesses
There are two types of licensing that occur in relation to gambling businesses: standalone and place-based.
Standalone licensing applies only to gambling businesses that are entirely separate from any other retail business or business enterprise. For example, a standalone gambling business, such as a casino or a sportsbook, would need a license to conduct gambling activities on the premises it owns and operates.
Place-based License
A place-based license is the most common type of licensing and applies to gambling businesses that are located in a hotel, restaurant, bar, or other retail establishment. For example, a casino located in a hotel would need to obtain a place-based license.